What is an Installment loan?
A Cash 4 You Installment Loan is money you borrow for any kind of personal use such as paying off credit card debt, investing in home improvements, taking a special vacation, or paying for an engagement ring or wedding expenses. To repay the loan, you make regular scheduled payments over time up to 84 months depending on your loan amount. An installment loan gives you the flexibility to make big purchases, and then pay it off at a pace that makes sense for you.
What is the difference between an Installment Loan and a Payday Loan?
Payday loans are short-term loans that the borrower pays back on their next pay day. Installment loans are typically for higher dollar amounts than payday loans, and are paid back over time.
Am I eligible for a Cash 4 You Installment Loan?
To be eligible for a Cash 4 You Installment Loan, you must:
- Be an Ontario resident with a valid government issued photo ID
- Be at least 18 years of age
- Have a steady source of income
- Have an open and active bank account
What is the minimum and maximum I can borrow?
With the Cash 4 You Installment Loan, the minimum amount you can borrow is $500 and the maximum is $20,000.
How long does it take to get approved?
You will receive a decision once your loan application is submitted. However, funding of the loan is contingent upon verification of your application information and signature on all loan agreements.
How long does it take to receive the funds?
Once your application is complete and verified, if you are approved for a loan, you can receive your cash same day with in-store pickup.
Do you accept co-signers for Installment Loans?
At this time we do not allow co-signers or joint applications for our Installment Loans.
Will applying for an Installment Loan affect my credit?
To apply for Cash 4 You Installment Loan, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
What if I have poor credit?
Your credit report is not the only variable we consider. We utilize risk assessment tools that verify the accuracy of information on your application and may review customer payment history on similar products.
If I am bankrupt, can I still get a loan?
We are able to consider customers who have been discharged for past bankruptcies.
Is the Cash 4 You Installment Loan secured or unsecured?
The Cash 4 You Installment Loan is an unsecured loan. This means that you do not need to provide collateral for the loan.
Are there any origination or prepayment fees?
No. We want to make things simple for our customers, so we have no origination fees, closing costs or prepayment penalties.
How is a Cash 4 You Installment Loan different from credit card debt?
Cash 4 You Installment Loans have a fixed repayment term. Credit cards often have high variable rates and no set repayment term.
How can I make my loan payments?
Your regular schedule payment are automatically withdrawn from your bank account. You can make additional payments at any of our locations at any time.
When will my first payment be due?
Your first installment loan payment will be due on your next pay date
Will making a large payment or additional payments change my regular due amount?
Making a large payment or additional payment on an Installment Loan will not automatically reduce your monthly payment. If you make a large or additional payment, the first part of the payment goes toward any interest accrued. The remainder goes toward the principal balance. Your regular scheduled payment amount will stay the same, but you will be on track to pay your loan off early.
Can I refinance my current Cash 4 You Installment Loan?
If your loan is in good standing then you may be able to refinance your loan. If you refinance your loan, then the principal amount will be rolled into a new term in which you will continue to be charged daily interest.
